Jumar Technology and IHS Markit partner for enhanced marine insurance Risk Management
Data is the new world currency that drives companies to the forefront of their competitors. This has brought Jumar Technology to partner with IHS Markit, a world leader in critical information, analytics and solutions, to broaden the data insights available to marine insurers within its Risk Management Platform.
Jumar’s innovative Risk Management Platform provides an end-to-end multiple platform and device experience that addresses the insurance market’s recent call, to move away from traditional loss reduction activities to provide a greater focus on loss prevention. The combination of historical data insights and platform process will add great preventative value.
Using structured and unstructured data across the entire insurance business and real-time, interactive analysis, insurers can identify common risk areas, effectively manage risk portfolios, improve underwriting and pricing as well as reducing the severity of claims.
The partnership with IHS Markit will provide Jumar Technology’s Risk Management Platform customers access to the world’s most comprehensive vessel characteristic and movements database. This will enable marine insurers to improve company-wide risk management thanks to seamless real-time data integration for ship trade and commodity movements across the complete global merchant fleet.
IHS Markit harnesses data and expertise from more than 33,000 sources and over 100 experts to provide the most detailed, comprehensive maritime data solution available. Marine insurers will have instant insight into fleet locations, where they are sailing to and who they are near.
Adrian Sutherland, CTO for Jumar Technology comments,
“Insurers want an integrated system, that covers a broader breadth of data sources and insight. Jumar’s partnership with IHS Markit will not only do this but significantly enhance customer experience as well as reduce their exposure to risk.”
George Devereese, Maritime Risk & Compliance Product Manager at IHS Markit, is responsible for the development of the IHS Maritime Intelligence Risk Suite (MIRS). He draws upon his wealth of maritime experience as a Former Royal Naval Officer, working on claims in the Lloyd’s and London markets, as well as both claims and loss prevention within the P&I market.
“We are extremely excited to be partnering with Jumar Technology. Mapping our data to vessel survey and claims data will enable marine insurers to identify and quantify risk on a dynamic basis and act before a loss occurs. The combination provides a highly sought-after, data-driven marine insurance solution.”
If you would like to know more about risk management for marine insurance or for a demonstration contact Jumar Technology.